E-NEWSLETTER

By Tom Hudson

Stories about dealer practices that harm consumers are prevalent, but the facts seem to be difficult to come by.

Tags: CFPB, Compliance, FTC, Hudson Cook LLP

By Michael A. Benoit

After sitting through three roundtables’ worth of tired anecdotes from consumer advocates, the magazine’s legal expert hopes the FTC will keep its word and rely on empirical data before instituting new regulations.

Tags: CFPB, Compliance, Consumer Financial Protection Bureau, LEGAL, legislation

By Tom Hudson

The magazine’s legal wiz shares a textbook case on what not to do when spot delivering a vehicle.

Tags: Compliance, Fair Credit Reporting Act, Federal Trade Commission, LEGAL

By Tom Hudson

The leadership may still be up for grabs at the CFPB, but the newly formed consumer watchdog agency will hit the ground running on July 21.

Tags: CFPB, Compliance, Consumer Financial Protection Bureau, finance, LEGAL

By Tom Hudson

Thanks in part to recycled anecdotes from consumer advocates, the industry fared better than expected at the FTC’s first roundtable discussion.

Tags: Compliance, Federal Trade Commission, LEGAL

By Michael A. Benoit

F&I’s legal wiz serves up a nice reminder of two federal rules coming down the pike in January. Are you ready?

Tags: Compliance, DEALERTRACK, Fair and Accurate Credit Transactions Act of 2003, FEDERAL REGULATION, Federal Trade Commission, RouteOne

By Michael Benoit

The magazine’s legal columnist cites two recent cases to provide dealer guidance on the FCRA’s ‘truncation’ requirement.

Tags: Compliance, credit, Fair and Accurate Credit Transactions Act of 2003, Fair Credit Reporting Act, LEGAL

By Randy Henrick

Risk-Based Pricing Rules represent the latest in consumer-protection regulations, but they aren’t easy to decipher. Compliance expert breaks down the rules and offers some guidance.

Tags: Compliance, credit reports, Credit Scores, Federal Trade Commission, Risk-Based Pricing Notices

By Tom Hudson

Most legal predicaments dealers find themselves in could have been averted if they'd only connected the dots. The magazine's legal wiz weighs in.

Tags: Compliance, LEGAL

By Gregory Arroyo

The verdict on the impact of the Fed's new rule is still out, but its requirements might just be what the doctor ordered for our business.

Tags: Adverse Action Notice, Compliance, Fair and Accurate Credit Transactions Act of 2003, Federal Reserve, Federal Trade Commission, Risk-Based Pricing Notices

By Gregory Arroyo

Three compliance experts attempt to map out a dealer’s best-chance deal. In the end, all roads lead back to compliance.

Tags: Compliance, FEDERAL REGULATION, Federal Trade Commission, Truth in Lending Act

By Rob Cohen, Esq.

When the FTC revised its telemarketing rule, it did so to curb the use of robocalls. Compliance expert breaks down the changes.

Tags: Compliance, Federal Trade Commission, robocalls, telemarketing

By Joe Bartolone

As most dealers know, paperwork can be a friend and foe. Compliance expert provides his guide for correcting 10 of the most common paperwork errors.

Tags: book-out sheets, Compliance, credit applications, credit reports, Dealer's Guide to Compliant Paperwork, driver's licenses, F&I menus, forms programming, OFAC checks, rebate forms, sales department, used vehicles

By Michael Benoit

On May 12, Congress held a hearing on a bill that would give the Federal Trade Commission broad new powers to regulate automobile dealers. The bill, H.R. 2309, directs the FTC to adopt rules that prevent unfair and deceptive practices by dealers regarding credit and lending.

Tags: Compliance, LEGAL, Michael Benoit

By Michael Benoit

In these tough economic times, the last thing business needs are unreasonable impediments on the sale of goods and services. Hasn’t all the bailout and stimulus spending been focused on unfreezing credit markets so folks can spend money and boost the economy?

Tags: Compliance, LEGAL, Michael Benoit

By Joe Bartolone

When it comes to F&I pay plans, don’t be surprised by what you get. Compliance auditor breaks down eight commonly used pay-plan objectives and provides his take on how they impact a dealership’s goals.

Tags: Compliance, CSI, front-end profit, payment packing, payment plan, product penetration

By Michael Benoit

In these tough economic times, driving business into the showroom is more important than ever. Many merchants invest significant resources into advertising their products in a manner designed to entice potential customers.

Tags: Compliance, LEGAL, Michael Benoit

By Terrence O'Loughlin and Justina Ly

As state and federal regulators increase their vigilance of finance transactions, dealers will need to be on high alert when it comes to their F&I processes. Former compliance regulator addresses F&I's brave new world of compliance.

Tags: Compliance, Fair and Accurate Credit Transactions Act of 2003, FEDERAL REGULATION, Federal Trade Commission, federal usury cap, spot delivery, used vehicles

By Jim Ganther

Knowing what triggers an adverse action notice can definitely be baffling, but so can the rules governing content and timing. Legal expert weighs in with part II of F&I's series on adverse action notices.

Tags: Adverse Action Notice, AFIP, Compliance, ECOA, Fair Credit Reporting Act, Federal Trade Commission

By Michael Benoit

In these tough economic times, many dealers are looking for ways to cut expenses and protect cash flow. Some will feel the need to cut back on advertising, while others will recognize that advertising can be a lifeline in a down market.

Tags: Compliance, LEGAL, Michael Benoit

By Kristen Force

There are reasons why The Suburban Collection, the 14th largest dealer group in the nation, has achieved 60 years in the business. Learn how the dealer group has maintained its success.

Tags: Compliance, dealer, Florida, JP Morgan Chase, Michigan, NADA, Saturn, Volvo

By Michael Benoit

Tough times usually mean an increase in the number of consumer complaints filed against retailers and creditors, at least that's been the case in my experience. So, as we face what many believe will be a difficult year for profits, it’s probably a good idea for you to be diligent about enforcing your store’s compliance policies and procedures.

Tags: Compliance, LEGAL, Michael Benoit

By Michael Benoit

In these tough economic times, many dealers are looking for ways to cut expenses and protect cash flow. Some will feel the need to cut back on advertising, while others will recognize that advertising can be a lifeline in a down market.

Tags: Compliance, LEGAL, Michael Benoit

By Michael Benoit

Many financial institutions and creditors around the country have spent the last six or so months working diligently to implement their identity theft prevention programs as mandated by Congress and the Federal Trade Commission’s new Red Flags Rule.

Tags: Compliance, Federal Trade Commission, LEGAL, Michael Benoit, Red Flags Rule

By Michael Benoit

I have the opportunity to work with several clients that provide sales and F&I training to dealers. On those occasions where I’m asked to help develop training content, I always include a section on payment packing.

Tags: Compliance, LEGAL, Michael Benoit, payment packing

By Michael Benoit

Dealers have all kinds of technology available these days to help them increase profitability, operate more efficiently, and generally make their lives easier. Like anything else, technology can come with legal baggage, and care must be taken to avoid an unintended compliance violation.

Tags: Compliance, Federal Trade Commission, LEGAL, Michael Benoit, telemarketing

By Michael Benoit

“Missed it by thaaat much . . .” That phrase always brings to mind the inimitable Don Adams and his bumbling but well-intentioned television character, Maxwell Smart.

Tags: bankruptcies, Compliance, LEGAL, Michael Benoit

By Michael Benoit

Many dealers I talk to have an appreciation for the value good compliance practices bring to their operation.

Tags: Compliance, Federal Trade Commission, LEGAL, Michael Benoit

By Michael Benoit

Way back in 2003, Congress passed the Fair and Accurate Credit Transactions Act (FACTA). We’ve talked about it a lot in this column. For us lawyers, it’s the gift that keeps on giving, and it just gave again with the recent proposal for the last of the major rules it mandated.

Tags: Compliance, Fair and Accurate Credit Transactions Act of 2003, Federal Reserve, Federal Trade Commission, LEGAL, Michael Benoit

By Michael Benoit

Dealers have been contracting for years with marketing companies that use so-called prescreen lists to offer auto financing to qualified consumers. The Fair Credit Reporting Act (FCRA) requires that each person on such a list receive a “firm offer of credit”.

Tags: Compliance, Fair Credit Reporting Act, LEGAL, Michael Benoit

By Michael Benoit

I’ve mentioned the Fair and Accurate Credit Transaction Act of 2003 (FACTA) several times in this column. You’ll recall that FACTA made significant amendments to the Fair Credit Reporting Act (FCRA), many in ways one may not have expected.

Tags: Compliance, Fair and Accurate Credit Transactions Act of 2003, Fair Credit Reporting Act, Federal Trade Commission, LEGAL, Michael Benoit

By Michael Benoit

Let’s face it; the law is not always the most stimulating topic for those of you who have lives. But knowledge is power, and it’s important to your business.

Tags: Compliance, LEGAL, Michael Benoit

By Michael Benoit

A series of attacks on document preparation fees in several states has resulted in a line of cases holding that charging a fee to fill in the blanks on legal documents (for example, retail installment sale contracts) is the practice of law.

Tags: Compliance, LEGAL, Michael Benoit

By Michael Benoit

Since 2003, I’ve been running around the country trying to impress upon people the fact that the Federal Trade Commission (FTC) is serious when it comes to safeguarding consumer information.

Tags: Compliance, Federal Trade Commission, LEGAL, Michael Benoit

By Michael Benoit

Unless you’ve been living under a rock, you all know that Southern California has had its share of devastating wildfires over the last several months. If you live in Southern California, you’ve experienced the hot Santa Ana winds and the “red flag warnings” that accompany them — that is, warnings of the potential for such a catastrophe.

Tags: Compliance, LEGAL, Michael Benoit, Red Flags Rule

By Michael Benoit

We’ve talked a lot about “process and procedure” in these columns, particularly as it relates to compliance. The operative word here is good, because procedures that conform to a lesser standard can really put a dent in your retirement plan.

Tags: Compliance, LEGAL, Michael Benoit, retail installment contracts

By Michael Benoit

You may recall the drama that played out in 2003 with regards to renewing certain provisions of the Fair Credit Reporting Act (FCRA). They were set to expire at the end of that year (if you don’t recall, trust me, folks in D.C. were losing sleep over this).

Tags: Compliance, Fair and Accurate Credit Transactions Act of 2003, Fair Credit Reporting Act, LEGAL, Michael Benoit

By Michael Benoit

Let’s face it — dealers get sued for a lot of things; sometimes it’s justified, sometimes not. The savvy dealer knows this and takes steps to manage risk accordingly.

Tags: Compliance, LEGAL, Michael Benoit